Although there was little data out yesterday, the Eurozone had some positive news with the stronger Manufacturing PMI survey data posted. This helped boost the Euro by 0.3% and break new ground against Sterling. The August survey posted 55.8; a slightly better posting than July's at 55.7. The reason for the better reading was due to increased manufacturing production, which signifies and supports the strong growth and expansion of the Eurozone economy.
Lastly, US Crude Oil Inventories posted exactly as expected at 3.3. Markets looked to ECB president, Mario Draghi, who spoke out of Germany yesterday morning for any comments on policy changes. In true Draghi style, he kept away from commenting on such policies. Needless to say, investors and markets alike are now looking to Friday for more direction when Draghi talks again.
President Trump has threatened to bring the US government to the brink of collapse if he must, to get his Mexican border wall built. Trumps threat was aimed at Congress, as a means of pressuring them to fund his border wall, a key highlight of Trumps 2016 Campaign. Trump told thousands of supporters on Tuesday evening, “If we have to close down the government, we’re building that wall, one way or the other, we’re going to get that wall.”
Today’s focus will be on the first day of the Jackson Hole Summit, where all central banks will be meeting to give their thoughts on the current economy and indicating their future thoughts. The speakers at today’s summit could cause some market movements, especially for the Euro. The UK will be releasing their second GDP estimate for Q2, expected to remain the same at 0.3%. The afternoon sees the US releasing their Unemployment Rate figures, which are expected to be higher than previously posted.